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Pastimes : Investment Chat Board Lawsuits

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To: Jeffrey S. Mitchell who wrote (846)10/17/2000 12:56:45 AM
From: Jeffrey S. Mitchell   of 12465
 
Re: 10/4/00 - Bloomberg: Securities agency looks at Web abuses

Wednesday 4 October 2000

Securities agency looks at Web abuses

FREDERIC TOMESCO
Bloomberg News

The Quebec Securities Commission says it's studying a series of cases in which brokers may have used the Internet to influence stock prices.

The announcement follows recent charges brought by the commission against Steve Buisson, a former investment adviser at Toronto-Dominion Bank's TD Evergreen unit who worked in Sainte-Foy.

Buisson was accused of posting false statements on an Internet bulletin board, www.webfin.com, in July to influence share prices of Delsecur Corp., a Montreal company whose shares trade on the Nasdaq stock market.

Buisson was fired Aug. 4, according to commission documents.

"We have employees who monitor chat groups on a daily basis, but it's not an inquiry that we're conducting," said Claude Reid, a spokesman for the Quebec Securities Commission. "We're still at the stage of analysis, of surveillance."

Reid wouldn't say how many Web sites the commission is monitoring, nor when it started paying close attention to them. He said there are "between five and 10" French-language Web sites in Quebec that concern themselves with financial news.

Buisson is awaiting the decision of a commission panel, which Reid said will be announced "in the next few days." He declined to elaborate.

montrealgazette.com
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